Texas lawmakers voted to amend the state’s Bill of Rights, adding a provision recognizing the right of individuals to own, hold, and use cryptocurrencies, and the decision was made on Wednesday, May 10.
Also read: New York: Encryption Law Proposed One of the Strongest and Most Comprehensive Regulations in the United States
Where the bill was announced HJR146provided by the state representative Giovanni CapriglioneThat individuals have the right to use an agreed medium of exchange, which includes digital and cash currencies, coins and bullion, to trade and contract goods and services, and that this right cannot be infringed.
The bill received 139 votes in favor, with only two votes against, and includes a statement that no government may prohibit or impede the ownership or possession of any form or quantity of money, or any other currency.
On the other hand, the Texas Bill of Rights protects basic liberties such as freedom of speech, religion, and the press, similar to the American Bill of Rights, in addition to the right to a speedy trial, and the right to possess and carry weapons for self-defense.
If the bill is passed and becomes law, the latest amendment would also grant Texas the privilege to use cryptocurrencies, such as Bitcoin Bitcoin.
In turn explain Tom Glasswho founded the Texas Constitution enforcement group, The Bill HJR146In his explanation, he stated that he aims to take advantage of the inclusion of the right to own, possess, and use cryptocurrencies in state law, to make a legal argument in federal jurisdiction.
This argument would invoke the Ninth Amendment to the US Constitution, which recognizes the existence of natural rights beyond those expressly mentioned in the first eight amendments.
Inclusion of cryptocurrencies in the Texas Bill of Rights is critical to protecting financial privacy in the state, with the Constitution Enforcement Group stating that the use of altcoins is necessary to protect the wealth (which Texans have worked so hard to accumulate) from being eroded by the unstable US dollar.
Also read: The United States is investigating the “Binance” exchange for possible violations of Russian sanctions
The group also stressed that Texas should not be forced to rely solely on the services of global financial elites, as this would expose all their financial assets to the risk of devaluation and confiscation.